Luxury handbags are amongst the fastest growing segments in the overall luxury goods market. Even though the market offers products for both men and women, it is predominantly seen as women-oriented. This is owing to the relatively larger number of options with respect to patterns, colors, and sizes for women.
The market is characterized by the presence of dynamic market players and increased merger & acquisition activities in recent times. Although the market is highly susceptible to economic downturns, it is expected to grow at a healthy rate during the forecast period primarily driven by strong performance by international luxury brands in emerging markets.
There are many factors driving the global luxury handbag market. The rising disposable income in emerging economies and growing preference for high end luxury branded goods are expected to be major drivers of growth for the market. Growth in the number of working women and high net worth individuals are also expected to add to the market’s expansion.
The proliferation of internet, and specifically social media and fashion shows has also added to the market’s growth with accelerating online and retail store sales. The internet has helped advertisers to popularize latest trends, thereby enticing demand and sales of luxury brands.
There are, however, some factors which are restraining the market growth. The global luxury handbag market is expected to face considerable challenge from counterfeit products and local brands. Easy availability of cheaper counterfeit copies of premium luxury bags is resulting in market fragmentation and is expected to be one of the biggest restraints of the market.
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Strict regulatory issues pertaining to premium luxury goods are also expected to hinder the growth of the market. The discounting offered by vendors and resellers in a bid to outsell the competition has damaged the reputation of brands, which is also expected to slow down the market’s growth rate.
The global luxury handbag market can be segmented on the basis of type, application, and geography. On the basis of type, the market can be segmented into canvas, leatherette, corium and others. On the basis of application, the market can be divided into Women and Men.
On the basis of geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to hold a major share of the total market owing to the early adoption and presence of key market players. The region is also helped by the large number of bricks and mortar stores like Macy’s which shoppers prefer while shopping for luxury goods.
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The region is driven by the U.S., where the market is characterized by aggressive pricing, marketing, and customer acquisition tactics. Europe is expected to follow North America in terms of market share. Asia Pacific, primarily driven by growth in disposable income in emerging countries is expected to expand at a significant rate and emerge as the fastest growing region.
The major players in the global luxury handbag market are Christian Dior SE, LVMH Moët Hennessy Louis Vuitton SE, Coach, Inc., Prada S.p.A., Kering, Michael Kors Holdings Limited, Hermès International S.A. and Chanel S.A. Other prominent players include Compagnie Financière Richemont SA, Kate Spade New York, Burberry Group plc, Tory Burch LLC, HONGU, Fion, Goldlion Singapore, Blair Ritchey, Tori Nicole, Victoria Leather Company, Cinda B, ItzaLuLu, J.W. Hulme Company, LexiWynn Designs and Holly Aiken, LLC.